Filer i denne post: 1

There is a continuing focus on the conditions for and processes of establishing new businesses and
the role played by the external resource context in doing so. Using sociological concepts such as
network bricolage and structuration some studies point to the supporting role as well as the
restraining role of networks in this process. However, most research focuses on the innovative role
of entrepreneurs in linking together dispersed resources in forming a concerted business enterprise.
Far less focus has been on the de facto quality of these resources in forming the entrepreneurial role.
Rather, the image of the Knightian or Kriznian entreprenur is left unchallenged, even in the "new"
literature on entrepreneurship. However, if the concept of network bricolage or structuration as
contexts institutionalising specific practices and sorting away others is taken seriously, the preexistence
of patterned work practices shared among business actors, and how the ability to utilise
these patterned practices in generating new business ideas affects the business start up process
becomes important. Entrepreneurial processes may not only be influenced but also internally
constituted by the wider environment. One may therefore question whether the impetus for starting
up a new business vests entirely with the entrepreneur or what role the context plays in patterning
the work of the entrepreneur with respect to firm creation. As pointed out by Gartner (1988) asking
"who is the entrepreneur?" is the wrong question. For that purpose, we believe that the context of
the entrepreneur, networks and embedded routines, provides an opportunity to understand how the
context contributes in shaping the entrepreneurial act.

Filer i denne post: 1

Corporate venturing managers have the rule of thumb that only approximately one out of
ten investments really pay of in financial measures. These low odds for success, of course,
put extremely high expectations to the profit yielded from the few investments that become
successful. In other words, the few successful investments carry the costs of many more
investment decisions. It would obviously be attractive to improve the ability to "pick the
winners". In this paper, we develop a conceptual framework for understanding how firms`
involvement in establishing and nurturing the venture base (the idea creation phase)
enhances their ability to select ventures.
Keywords: Corporate venturing, venture base, selection, network.

Filer i denne post: 1

In the recent years the successful collaborative arrangements and relationships between university, industry and public institutions have become a mantra in transforming new scientific knowledge into new innovations and business ventures. The fit between these very different actor groups has been treated as a contingent factor. However only little attention have been giving to a specific focus on the strategies that new business ventures have obtained to establish the fit between small firms, university research, and public policies such as regulatory policies and R&D policies. The emergence of the new biotechnologies and these techniques predominately coming from the university sector make the new biotechnology organizations an interesting object for studying these relationships both on a regional and a national level.
From the perspective of the small biotechnology firms (SBFs) the paper explores four different strategies for dealing with network relations; the research oriented strategy, the incubator strategy, the industrial partnering strategy, and the policy-oriented strategy. The research-oriented strategy is narrowly focusing on how a biotechnology firm transforms their scientific results into promising technologies, services or products. The incubator strategy is concerned with localization and how to come about specific types of managerial problem in the initial stage of forming a business venture. The industrial partnering strategy concerns how to overcome the problem of bringing the technologies from an experimental stage at a research lab to be able handle industrial processes and full-scale production. Last but not least the policy oriented strategy focus on problem of having products approved by the public authorities.
Theoretically the article draws upon network theories and a dynamic view of network relations. That is done in order to capture the nature of the relationships between different types of actors, but also in order to emphasize the informal nature of some of these relationships.
The article has a dual purpose; 1) From a corporate point of view to emphasize multiple conditions for developing and forming interorganizational relationships, 2) From a research perspective to point to the diversity and heterogeneity of these relations and thereby emphasizes the evolutionary nature of these relations and their relatedness to the overall strategies obtained by the biotechnology entrepreneurs.
The paper is structured so it will start out by stating its methodological foundations. Thereafter the theoretical positioning of the network approach will seek to argue that we have multiple network relationships are at play. Not only do these networks differ but also the institutional and organizational origins are to be touched upon to come to understand the nature of the biotechnology environment and the actors involved. The positioning of the SBFs as the focal point of the analysis leads to a discussion on entrepreneurial business strategies in biotechnology industry and how these business strategies in a very distinct mode is correlated with interorganizational relationships. The empirical evidence will be fleshed out in four cases representing each of the four suggested strategies. The conclusion discusses three implications of network partnering analysis. First, it discusses the theoretical contributions on the diversity, heterogeneity between the four partnering strategies. Second, it will point to future directions in the research. Third, the conclusion will point to the managerial challenges that can be foreseen.

Over the past few years, the tourist industry has come to be recognised as a way of providing strategic support for sustainable local business development. In this article we attempt to define an appropriate innovation concept in relation to tourism on the basis of an attractor principle. We then discuss the concept of entrepreneurship in connection with tourism, looking at its significance in its relationship with local business development, thereby positing the premise of social entrepreneurship. This frame of reference is used in five cases in the analysis. The analysis shows that it is possible to innovate and draw up plans for new attractors but that it is considerably more difficult to convert these plans into reality through social entrepreneurship. The conclusion is that we need to focus upon organisation of semi-public tourist organisations, if we want tourism to promote local business development.

The paper has a dual purpose. First, we suggest that entrepreneurs in their establishment of new businesses draw on a range of pre-existing socially embedded routines for creating acceptance by their environment. Also they draw upon external resources that are used in patterning specific practices. This ability is treated as entrepreneurial assets. Secondly, we argue that the existence and patterning of these socially embedded routines used in new business development are contingent on the institutional context. We see the institutional context as complex and fragmented, composed and shaped by different institutional domains: the normative, the cognitive and the regulatory domain.

This paper proposes and analyses a model of start-up investment. Innovative entrepreneurs
are commercially inexperienced and can benefit from venture capital support. Only part of
them succeed in matching with a venture capitalist while the rest must resort to standard bank
finance. We consider a number of policies to promote entrepreneurship and venture capital
backed innovation.
JEL Classification: D82, G24, G28, H24.
Keywords: venture capital bank finance, matching, moral hazard, public policy.

Filer i denne post: 1

In recent years, venture capital has increasingly become a factor in the
financing of new firms. We examine how the value of mature firms determines
the incentives of entrepreneurs to start up new firms and of venture capitalists
to finance and advise them. We examine how capital gains taxes as well as
subsidies to start-up costs of new firms affect venture capital-backed
entrepreneurship. We also argue that dividend and capital gains taxes on
mature firms have important consequences for start-up firms as well.
JEL Classification: D82, G24, H24 and H25
Keywords: double moral hazard, entrepreneurship, taxes and venture capital

Filer i denne post: 1

In this paper we set up a model of start-up finance under double moral hazard.
Entrepreneurs lack own resources and business experience to develop their ideas.
Venture capitalists can provide start-up finance and commercial support. The effort
put forth by either agent contributes to the firm’s success, but is not verifiable. As
a result, the market equilibrium is biased towards inefficiently low venture capital
support. The capital gains tax becomes especially harmful, as it further impairs
advice and causes a first-order welfare loss. Once the capital gains tax is in place,
limitations on loss off-set may paradoxically contribute to higher quality of venture
capital finance and welfare. Subsidies to physical investment in VC-backed startups
are detrimental in our framework.
Keywords: Venture capital, capital gains taxation, double moral hazard.
JEL-Classification: D82, G24, H24, H25